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Bitcoin Faces Correction Pressure as U.S. April CPI Data Due May 12, Cleveland Fed Forecasts 3.56% Increase

GateNews
MacroeconomicsMarket AnalysisStocksbitcoin news
BTC0.77%
According to Cointelegraph, Bitcoin may face increased correction pressure ahead of the U.S. April CPI data release on May 12. The Cleveland Federal Reserve forecasts the year-over-year CPI increase at 3.56%, up from 3.3% in March, potentially reinforcing market expectations that the Federal Reserve will not cut rates in the near term and pressuring risk assets like Bitcoin. On the technical side, Bitcoin's daily chart is forming a classic ascending wedge pattern, with key support at approximately $84,000; a break below this level could see further decline toward $70,000.
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moumitavip
· 05-10 11:25
Ape In 🚀
Reply0
moumitavip
· 05-10 11:22
Ape In 🚀
Reply0
moumitavip
· 05-10 11:21
Ape In 🚀
Reply0
NiangXipi_svip
· 05-10 10:04
Steadfast HODL💎
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NiangXipi_svip
· 05-10 10:04
Steadfast HODL💎
View OriginalReply0
NiangXipi_svip
· 05-10 10:04
Steadfast HODL💎
View OriginalReply0
NiangXipi_svip
· 05-10 10:04
Steadfast HODL💎
View OriginalReply0
NiangXipi_svip
· 05-10 10:04
Steadfast HODL💎
View OriginalReply0